Interim report
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A strong result in a mixed market Sweco plans and designs tomorrow’s sustainable communities and cities. With the collective knowledge of our 23,000 architects, engineers and other experts we work together with our clients to facilitate the green transition, maximise the potential from digitalisation and strengthen the resilience of our communities. Sweco is Europe’s leading architecture and engineering consultancy, with sales of approximately SEK 31 billion (EUR 2.8 billion). The company is listed on Nasdaq Stockholm. This information is information that Sweco is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons, at around 07:20 CET on 29 October 2025. 29 October 2025 July–September 2025 • Net sales increased to SEK 7,138 million (6,779) • EBITA increased to SEK 702 million (588), margin 9.8 per cent (8.7) • EBITA increased 19 per cent year-on-year • EBIT increased to SEK 643 million (569), margin 9.0 per cent (8.4) • Profit for the period increased to SEK 424 million (376) • Earnings per share increased to SEK 1.18 (1.05) and diluted earnings per share increased to SEK 1.17 (1.04) January–September 2025 • Net sales increased to SEK 23,038 million (22,576) • EBITA increased to SEK 2,352 million (2,175), margin 10.2 per cent (9.6) • EBITA increased 14 per cent year-on-year after adjustment for the negative calendar effect • EBIT increased to SEK 2,254 million (2,130), margin 9.8 per cent (9.4) • Net debt/EBITDA decreased to 0.9x (1.1) • Net debt decreased to SEK 3,124 million (3,533) • Profit for the period increased to SEK 1,563 million (1,475) • Earnings per share increased to SEK 4.34 (4.10) and diluted earnings per share increased to SEK 4.32 (4.09) Q3 Interim Report January–September 2025 Sweco AB (publ)
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2Sweco AB (publ) Interim Report January–September 2025 CEO comment Åsa Bergman President and CEO A strong result in a mixed market Sweco delivered robust EBITA improvement for the third quarter, driven by continued pricing increases and further efficiency gains. Overall, net sales increased 5 per cent, EBITA rose 19 per cent and the EBITA margin increased to 9.8 per cent. We continue to navigate effectively in a mixed market, improving both our order intake and our order backlog. Demand remained good in the energy, infrastructure, water and environment sectors, with continued increases in demand in security and defence. Certain areas of the build- ings and real estate sectors remained weak, while demand was healthier within public buildings. Financial performance Net sales increased to SEK 7,138 million (6,779), with organic growth of 4 per cent and acquired growth of 3 per cent. EBITA increased to SEK 702 million (588), correspond- ing to an EBITA margin of 9.8 per cent (8.7). The EBITA improvement was mainly driven by higher average fees, an improved billing ratio and FTE growth. EBITA improved in seven out of eight business areas. Sweco Germany & Central Europe was the largest contribu- tor in the quarter, benefiting from efficiency improvements and positive project adjustments. Sweco Denmark and Belgium continued to capitalise on their strong positions in attractive segments and delivered well above Sweco’s financial target. Sweco Norway improved its result compared with a weak quarter last year and Finland continued to deliver solid results in a challenging market. Sweco UK made further progress on its improvement journey and, supported by acquisitions, the Netherlands increased EBITA. Sweden’s result was impacted by transaction and integration costs related to the acquisition of Projektengagemang, which was finalised and consolidated into Sweco in mid-July. New projects and acquisitions We continue to build a strong M&A pipeline which resulted in the announcement of five acquisitions during the quarter and three new acquisitions after the quarter: Fimpec Group, assar architects and VHGM. Fimpec Group is a Finnish con- sultancy that employs around 400 experts, with specialist capabilities in renewable energy, hydrogen, the bio- and circular economy, forest industry, batteries and critical minerals. The transaction is subject to approval by the local authorities. The Belgian consultancy assar architects is a leading expert in large-scale public and private sector projects, including offices and commercial buildings, healthcare, defence, education and urban planning. The acquisition will add 150 experts and significantly broaden Sweco’s architecture offering in Belgium and Luxembourg. VHGM is a Dutch company with 22 experts specialised in geo- thermal energy consulting. Projects won during the quarter showcase Sweco’s role in future-proofing European societies and industries. In Norway, we entered a framework agreement with the public transport operator Sporveien to support sustainable transportation in the Oslo and Akershus area. In Sweden, Svenska Kraftnät has commissioned Sweco to renew power lines in the Jämtland region to enhance grid resilience and enable future wind power development. In the Netherlands, Sweco will support the Dutch roads and water management agency, Rijkswaterstaat, in modernis- ing the country’s primary infrastructure to enhance safety, resilience and mobility with the aim of addressing climate challenges such as rising sea levels and flooding. In Finland, Sweco will be responsible for the overall design of the Finn- ish food company Fazer’s future chocolate factory in Lahti – a factory designed to operate without direct carbon diox- ide emissions. Priorities going forward The third quarter demonstrates the strength of Sweco’s diversified business and our commitment to delivering on our strategic priorities. We will remain focused on captur- ing growth opportunities, further improving efficiency and margins, pursuing attractive M&A opportunities and con- tinue positioning Sweco in the planning and designing of a more competitive and resilient Europe.
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3Sweco AB (publ) Interim Report January–September 2025 Europe’s leading architecture and engineering consultancy Sweco operates at the centre of the green transition. With the collective knowledge of our more than 23,000 architects, engi- neers and other experts, we co-create solutions with our clients that transform societies. Our work approach enables us to offer a combination of global expertise together with local presence and understanding, and by this we are adapting to our clients’ business and reality. Key figures #1 In the European market 8 Business Areas 21,000 Full-time employees SEK 31.1 bn Net sales R12 SEK 3.3 bn EBITA R12 10.4% EBITA margin R12
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4Sweco AB (publ) Interim Report January–September 2025 Group performance The third quarter resulted in organic growth of 4 per cent and acquired growth of 3 per cent. EBITA increased 19 per cent or SEK 114 million year-on-year. July–September Net sales increased 5 per cent to SEK 7,138 million (6,779). Organic growth amounted to 4 per cent. Acquired growth amounted to 3 per cent and currency effects amounted to -2 per cent for the quarter. Organic growth was mainly driven by higher average fees, a higher num- ber of employees and a higher billing ratio. There was no year-on-year dif- ference in the number of available working hours. EBITA increased to SEK 702 million (588) and the EBITA margin increased to 9.8 per cent (8.7). EBITA increased 19 per cent or SEK 114 million year- on-year. Sweco Germany & Central Europe, Denmark, Belgium and Norway deliv- ered significant increases in EBITA. An increase in EBITA was also achieved in Sweco Netherlands, UK and Finland. Sweden’s earnings declined slightly due to costs related to the acquisition of Projektengagemang. The overall EBITA increase for the Group was driven by higher average fees, a higher billing ratio and FTE growth, while higher personnel expenses impacted negatively. The quarter was impacted by transaction and integration costs related to the acquisition of Projektengagemang, amounting to SEK 33 million. Internal efficiency measures contin- ued to impact, with the billing ratio improving to 74.0 per cent (73.5). EBIT increased to SEK 643 million (569) and the EBIT margin increased to 9.0 per cent (8.4). EBIT develop- ment was impacted by the same driv- ers as for EBITA. In addition, EBIT was impacted by a realisation loss from divestments of SEK 30 million. Total net financial items improved to SEK -56 million (-65), primarily due to lower interest rates and lower aver- age net debt. Higher lease liabilities had a negative impact. Earnings per share increased to SEK 1.18 (1.05). January–September Net sales increased 2 per cent to SEK 23,038 million (22,576). Organic growth amounted to approximately 3 per cent after adjustment for calen- dar effects. Acquired growth amounted to 1 per cent and currency effects impacted growth with -2 per cent. Organic growth was mainly driven by higher average fees, a higher bill- ing ratio and a higher number of employees. EBITA increased to SEK 2,352 million (2,175). The EBITA margin increased to 10.2 per cent (9.6). KPIs Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Oct 2024– Sep 2025 Full-year 2024 Net sales, SEK M 7,138 6,779 23,038 22,576 31,139 30,676 Organic growth, % 4 5 3 5 5 Acquisition-related growth, % 3 3 1 4 3 Currency effects, % -2 -2 -2 0 0 Total growth, % 5 6 2 9 8 Organic growth adj. for calendar effects, % 4 4 3 5 5 EBITA, SEK M1 702 588 2,352 2,175 3,253 3,076 Margin, % 9.8 8.7 10.2 9.6 10.4 10.0 EBIT, SEK M 643 569 2,254 2,130 3,139 3,015 Margin, % 9.0 8.4 9.8 9.4 10.1 9.8 Profit for the period, SEK M 424 376 1,563 1,475 2,160 2,072 Earnings per share, SEK 1.18 1.05 4.34 4.10 6.00 5.76 Number of full-time employees 21,218 20,465 21,107 20,770 21,077 20,823 Billing ratio, % 74.0 73.5 74.3 73.7 74.4 73.9 Normal working hours 516 516 1,471 1,480 1,955 1,964 Net debt/EBITDA, x2 0.9 1.1 0.4 1) EBITA is an Alternative performance measure (APM). See definition under Alternative performance measures section on page 30. 2) Net debt/EBITDA is an alternative performance measure (APM). See definition of Net debt and EBITDA under Alternative performance measures section on page 30.
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5Sweco AB (publ) Interim Report January–September 2025 EBITA increased approximately 14 per cent or SEK 310 million year- on-year after adjustment for calendar effects. Sweco Germany & Central Europe, UK, Netherlands, Denmark, and Belgium delivered significant increases in EBITA, adjusted for cal- endar effects. An increase in EBITA was also achieved in Sweco Sweden, Norway and Finland, adjusted for cal- endar effects. The overall EBITA increase for the Group was driven by higher average fees and a higher billing ratio, while higher personnel expenses impacted negatively. The period was impacted by transaction and integration costs related to the acquisition of Projekt- engagemang, amounting to SEK 33 million. Lower restructuring costs had a net positive impact of SEK 39 million in the period, with restructuring costs of SEK 32 million in 2025 and SEK 71 million in 2024. The calendar effect of nine less hours had a negative year-on-year impact of approximately SEK 133 million on net sales and EBITA. The billing ratio increased to 74.3 per cent (73.7). EBIT increased to SEK 2,254 million (2,130) and the EBIT margin increased to 9.8 per cent (9.4). EBIT development was impacted by the same drivers as for EBITA. In addition, EBIT was impacted by a realisation loss from divestments of SEK 47 million. Total net financial items improved to SEK -160 million (-202), primarily due to lower interest rates and lower aver- age net debt. Higher lease liabilities had a negative impact. Earnings per share increased to SEK 4.34 (4.10). Parent Company, January–September 2025 Parent Company net sales totalled SEK 970 million (926) and were attrib- utable to intra-group services. Profit after net financial items totalled SEK 191 million (103). Investments in equipment totalled SEK 45 million (26). Cash and cash equivalents at the end of the period totalled SEK 0 million (0). Employees The number of full-time employees increased to 21,107 (20,770) in the period. Market Most business areas experienced good demand for Sweco’s services within infrastructure, water, environ- ment and energy as well as security and defense. However, demand for services in parts of building and real estate remained weak, with a nega- tive impact primarily in residential and commercial real estate. Parts of the industry segment were also rela- tively weak. Net sales by quarter and rolling 12 months SEK M Quarter Rolling 12 months EBITA by quarter and rolling 12 months SEK M Quarter Rolling 12 months 0 1,000 2,000 3,000 4,000 9,000 8,000 6,000 7,000 5,000 0 4,000 8,000 12,000 16,000 36,000 32,000 28,000 24,000 20,000 09 20 03 21 06 21 09 21 12 20 03 22 06 22 09 22 12 21 03 23 06 23 09 23 12 22 03 24 06 24 09 24 12 23 03 25 06 25 09 25 12 24 0 100 200 300 400 500 1,000 900 700 800 600 0 400 800 1,200 1,600 4,000 3,600 3,200 2,800 2,000 2,400 09 20 03 21 06 21 09 21 12 20 03 22 06 22 09 22 12 21 03 23 06 23 09 23 12 22 03 24 06 24 09 24 12 23 03 25 06 25 09 25 12 24
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6Sweco AB (publ) Interim Report January–September 2025 Outlook Sustainability and resilience, demo- graphic changes and digitalisation are trends that are impacting Sweco in terms of demand for consulting services, and these are also areas where Sweco is well positioned. Market uncertainty remains high, driven by potential trade conflicts, geopolitical instability and the rela- tively weak economy in general. Sweco’s markets are impacted by this differently. While some of Sweco’s mar- ket segments are negatively impacted, there is a concurrent increase in demand in other segments. Sweco does not provide forecasts. Events during the quarter On 2 July, Sweco announced the acquisition of the two Luxembourg based engineering firms PROgroup and +ImpaKT. They both specialise in consultancy services in the project management of sustainability and circular economy projects as well as data-driven expertise. Together, PRO- group and +ImpaKT have around 40 experts and posted annual net sales of approximately SEK 60 million in 2024. The companies were consoli- dated into Sweco Belgium as of July 2025. On 4 July, Sweco announced the acquisition of Volantis, a Dutch com- pany specialising in engineering and architectural services for the industry and healthcare sectors. Volantis has around 150 experts and had net sales of approximately SEK 219 million in 2024. Volantis was consolidated into Sweco Netherlands as of July 2025. During the quarter, Sweco completed the acquisition of the Swedish listed company Projektengagemang. Projekt- engagemang is one of Sweden’s lead- ing consultancy groups with approxi- mately 650 employees and annual net sales of approximately SEK 800 million. Projekt engagemang was delisted from Nasdaq Stockholm on 31 July. As per 30 September, Sweco held approximately 97.9 per cent of the outstanding shares. On 1 August, Sweco acquired design operations in Norway from OBOS as part of an asset transfer. The opera- tions consists of 18 employees. On 3 September, Sweco divested Sweco a.s., its Czech operations. The company has around 150 employees and annual net sales of approximately SEK 130 million. Events after the quarter On 7 October, Sweco announced that an agreement had been signed to acquire Fimpec Group, a Finnish com- pany specialised in consulting, engi- neering, and project and construction management within the green transi- tion of the energy and industry sectors. Fimpec has around 400 experts and had net sales of approximately SEK 577 million in 2024. The completion of the transaction is subject to the approval of the competition authority. On 16 October, Sweco announced the acquisition of assar architects, a leading architectural practice special- ising in large-scale inclusive public and private sector projects, including offices and commercial buildings, healthcare, defence, education and urban planning. Assar architects has around 150 experts and had net sales of approximately SEK 189 million in 2024. The company will be consoli- dated into Sweco Belgium as of October. On 17 October, Sweco completed the acquisition of VHGM, a Dutch com- pany specialised in geothermal energy consulting. VHGM has 22 experts and annual net sales of approximately SEK 22 million. The company will be consolidated into Sweco Netherlands as of October. In October, during the redemption proceedings to acquire the remaining shares in Projektengagemang, Sweco has been granted advanced title and therefore now holds 100 per cent of the outstanding shares in Projekt- engagemang. Cash flow and financial position Group cash flow from operating activities totalled SEK 1,353 million (1,697) for the first nine months of the year. Net debt decreased to SEK 3,124 million (3,533). The Net debt/EBITDA ratio was 0.9x (1.1). Available cash and cash equivalents, including unutilised credit lines, totalled SEK 3,711 million (3,239) at the end of the period. Purchase considerations paid to acquire companies and operations had an impact of SEK -719 million (-177) on the Group’s cash and cash equivalents. Divestments of compa- nies and operations had an impact of SEK -20 million (11) on the Group’s cash and cash equivalents. No repurchases of Sweco shares were made during the period or during the same period last year. Net debt/EBITDA, x Q3 2025 Q2 2025 Q1 2025 Q3 2024 Q4 2024 1.1 0.9 0.8 0.5 0.4
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7Sweco AB (publ) Interim Report January–September 2025 Investments, January–September 2025 Investments in equipment totalled SEK 296 million (258) and were pri- marily attributable to IT investments. Depreciation of equipment amounted to SEK 215 million (198) and amorti- sation of intangible assets totalled SEK 138 million (145). New projects Energy Aukera Energy, the European renewa- ble energy company, has selected Sweco as “Owner’s Engineer and Con- struction Manager” for a 170 mega- watt battery energy storage system (BESS) in La Louvière, Belgium. Sweco acts as the client’s technical advisor and is tasked with evaluating bids, overseeing design, managing permit changes and supervising construc- tion. This BESS project will enhance grid stability, enable more renewable energy, and accelerate the transition to a low-carbon future. The contract is valued at SEK 6 million and runs from July 2025 to December 2027. Statnett SF, the system operator of the Norwegian power system, has expanded Sweco’s present framework agreement with a new project for SEK 5 million. Sweco is to be involved in designing an expansion to the current substation in Sauda as well as renew- ing parts of the current one. The project will help to provide Norway with a more robust electrical grid and at the same time stabilise Norway’s hydro power. Svenska Kraftnät, Sweden’s national electricity grid operator, has commis- sioned Sweco to renew power lines in Jämtland, an inland region near the Norwegian border. The project will enhance grid resilience, support the green transition and increase elec- tricity imports from Norway, thereby promoting regional growth and ena- bling future wind power development. From 2025 to 2032, Sweco’s experts will provide design services, site investigations, construction safety coordination and technical support as part of a contract valued at approxi- mately SEK 50 million. Promaz, a fund for Flanders, Brussels and Wallonia, aims to remediate 6,000 sites contaminated by heating oil tanks within five years, to improve soil quality across Belgium and thus sup- port cleaner, safer environments for future generations. Sweco has been appointed as soil expert for all three regions to conduct investigations, risk assessments and remediation follow-up. The SEK 56 million frame- work contract runs from 2025–2030. Industry The food company Fazer is building a chocolate factory in Lahti, Finland. The investment of approximately SEK 4 billion is the largest in Fazer’s history and is also very significant for the Finnish food industry. The factory will be designed to operate without direct CO2 emissions through a com- prehensive energy cycle and electrifi- cation. The efficient use of raw mate- rials enabled by the technology will also significantly reduce manufactur- ing waste. Sweco is responsible for the overall design of the food factory, which is scheduled for completion in 2028. Sweco has been selected to design the concept for a circular economy facility developed by Wega Group in Oripää municipality, Finland. At an industrial scale, the facility will annu- ally process 600,000 tonnes of mate- rial, primarily manure from pigs, cattle and poultry as well as other agricul- tural biomass like grass and straw. Once operational, it will produce lique- fied biogas (200 GWh) and e-methane (160 GWh) for heavy traffic, maritime transport and industry. A key goal is to significantly reduce nutrient loads in the Archipelago Sea. The design work will be completed in 2025. Sweco is supporting the restoration of Belgium’s Dommel Valley by trans- lating an ecohydrological study into concrete on-site actions. In partner- ship with the Flanders Environment Agency and other stakeholders, the project aims to correct past water management mistakes from agricul- ture, water management and industry to improve the water balance and boost biodiversity. Running from 2025–2026, the SEK 2 million contract strengthens climate resilience and benefits local communities and ecosystems. Transportation Banedanmark, the Danish railway authority, has selected Sweco to provide environmental consultancy for upcoming construction and track renewal projects. Sweco’s tasks include soil contamination surveys, soil management strategies, noise and vibration calculations, screening for hazardous substances, and per- mitting and environmental impact assessment (EIA) advisory. The pro- ject will ensure Denmark’s railway infrastructure is developed with a strong environmental focus. Work starts in October 2025, with deliveries continuing throughout the framework period until 2027. In Bremerhaven, Germany, the new “Werftquartier” (Shipyard District) is transforming 140 hectares into a hub for living, working, leisure, research and development. Led by the Bremer- haven Society for Investment Promo- tion and Urban Development, the project supports sustainable urban growth. Sweco is planning the first phase of climate-adapted transport infrastructure, focusing on barrier- free, future-ready mobility with sus- tainable methods and BIM (Building Information Modelling) integration.
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8Sweco AB (publ) Interim Report January–September 2025 The Šakiai district municipality in Lithuania is investing in sustainable infrastructure. Sweco won a tender to design an 18 km bike path from Šakiai to Gelgaudiškis, including engineer- ing studies, design proposals, techni- cal plans, permits, and supervision. The bike path will be designed using BIM to create a 3D model for better cost control, risk reduction, improved management and improved sustaina- bility. This is the client’s first BIM pro- ject, reflecting a shift towards cycling infrastructure. Sweco has entered into a framework agreement with Sporveien, a large supplier of public transportation in Norway, which owns the tram, sub- way and bus services in Oslo and Akershus. The agreement supports Sporveien’s green transition and Sweco provides support with improv- ing infrastructure architecture, geo- technics and more. The total scope of the agreement is SEK 330–470 mil- lion and projects are won through mini competitions between six suppli- ers. The framework agreement was signed and effective as of July 2025 to July 2027. Centralny Port Komunikacyjny (CPK) in Poland has contracted Sweco to support with sustainable certification for airport facilities. CPK is a planned mega hub combining a new interna- tional airport with high-speed rail and road links across Poland and Central Europe. Sweco will advise on the build- ing research establishment environ- mental assessment method (BREEAM) certification for terminals, stations, 18 facilities and infrastructure, thereby ensuring energy and water efficiency, and lower carbon emissions. The Swedish Transport Administration (Trafikverket) has commissioned Sweco to develop two railway plans for the North Bothnia Line, including associated public roads, along the 35 km Piteå–Luleå corridor in northern Sweden. Sweco’s experts in rail, roads, environment and permitting are pre- paring environmental impact assess- ments (EIAs) and permit applications for works in and near water. The pro- ject, which runs from 2025 to 2031 and is valued at around SEK 200 mil- lion, supports the green transition and promotes more sustainable mobility. Buildings & urban planning Sweco supports The Norwegian Defence Estates Agency at Norway’s two operative military airports, at Andenes and Evenes. These airports serve as stations for P-8 Poseidon surveillance planes and F35 fighter jets. Sweco provides expertise within infrastructure and project manage- ment on construction related tasks. The agreement started in July 2025 with a length of 2.5 years. Sweco partners with AZ Vesalius, a leading regional hospital in Belgium, under a multi-year framework to modernise its facilities. Utilising expertise in architecture, structural engineering and acoustics, Sweco is part of projects to enhance patient care, including a state-of-the-art hybrid operating room (OR), general practitioner (GP) outpost integration and improved access. The hybrid OR enables minimally invasive surgery, resulting in shorter recovery times and fewer complications, thus lower- ing societal healthcare costs. The contract is worth SEK 6 million and runs from August 2025 to July 2029, with extension options. Belgium’s federal government is building a new prison in Vresse-sur- Semois. Designed according to sus- tainability principles, the new build- ing complex integrates renewable energy, natural light and eco-friendly materials, thereby enhancing well- being for inmates and staff. The client, construction company Eiffage, has contracted Sweco for structural engi- neering, mechanical, electrical and plumbing (MEP) systems, fire safety consulting, infrastructure and sus- tainability. The SEK 44 million con- tract extends from August 2025 to December 2028. Sweco is part of a consortium that has secured a framework agreement with Rijkswaterstaat, the Dutch agency for roads and water manage- ment, to provide engineering services for renewal projects over the next four to six years. This collaboration aims to modernise the Netherlands’ primary infrastructure to enhance safety, resilience and mobility with the aim of addressing climate challenges such as rising sea levels and flooding. Sweco will deliver expertise in hydraulic and structural engineering, geotechnics, hydrology, traffic planning, environ- mental assessments and real estate advisory. The framework agreement’s maximum value is SEK 19 billion, with Sweco’s fee yet to be determined.
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9Sweco AB (publ) Interim Report January–September 2025 As part of providing Norway with a more robust electrical grid and stabilising Norway’s hydro power, Statnett SF, Norway’s power system operator, has extended Sweco’s framework agreement with a new SEK 5 million project. Sweco has been awarded a framework agreement in a project enhancing patient care. Sweco will cover architectural and structural engineering services from the client AZ Vesalius, a major regional hospital in Belgium. Photo: AZ Vesalius Photo: Statnett
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10Sweco AB (publ) Interim Report January–September 2025 Sweco operates its business in and through eight geographical business areas: Sweden, Norway, Finland, Denmark, the Netherlands, Belgium, the UK, and Germany & Central Europe. Business Area Overview Sweco is present in some 15 European markets and holds well- established positions in its business areas. It is primarily in these areas that the company will grow in the future. These markets are economically and politically stable, while also being close to each other geographically and culturally.
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11Sweco AB (publ) Interim Report January–September 2025 Sweco Sweden Sales and profit, July–September Net sales increased 7 per cent to SEK 1,963 million (1,828). Revenue growth was driven by acquired growth of 7 per cent attributable to the acqui- sition of Projektengagemang. Organic growth was 0 per cent. There was no year-on-year difference in the number of available working hours. EBITA decreased 3 per cent, corre- sponding to SEK 4 million. The EBITA decrease was driven by transaction and integration costs of SEK 28 million related to the acquisition of Projekt- engagemang. Excluding the cost related to the acquisition of Projekt- engagemang, EBITA improved SEK 24 million and the improvement was mainly driven by higher average fees. The EBITA margin decreased to 6.7 per cent (7.5) and the decline in margin was driven by the costs related to the acquisition of Projekt engagemang. Market The Swedish market was stable dur- ing the quarter, albeit with variations between the segments. The market for energy investments was overall good, partly driven by the green tran- sition. Demand for services in envi- ronment and water was stable, driven by major investment needs to meet legislative and technical standards. However, financial challenges for municipalities are delaying some investments. Demand for infrastruc- ture services remained stable while demand for industry services remained weak, although northern Sweden continued to show resilience, driven by large projects. The demand within public buildings was stable while the weakness within residential and commercial buildings continued. During the quarter, the acquisition of Projektengagemang was completed, and integration is progressing well. Organic growth was flat and acquisitions contributed 7 per cent to growth. EBITA was positively impacted by higher average fees, while transaction costs impacted negatively. The market was stable, albeit with variations between the segments. Net sales & EBITA margin, rolling 12 months Net sales, SEK M EBITA margin, % 0 2,000 4,000 10,000 0 3 6 15 6,0009 128,000 Q2 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 In brief Net sales and profit Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Net sales, SEK M 1,963 1,828 6,700 6,519 Organic growth, % 0 8 1 7 Acquisition-related growth, % 7 1 2 1 Currency effects, % 0 0 0 0 Total growth, % 7 8 3 8 Organic growth adj. for calendar effects, % 0 6 1 7 EBITA, SEK M 132 137 664 685 EBITA margin, % 6.7 7.5 9.9 10.5 Number of full-time employees 6,726 6,299 6,641 6,492
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12Sweco AB (publ) Interim Report January–September 2025 Sweco Norway Sales and profit, July–September Net sales increased 2 per cent to SEK 733 million (717). Organic growth amounted to 5 per cent and was mainly driven by higher average fees and a higher number of employees. There was no year-on-year difference in the number of available working hours. EBITA increased 77 per cent, corre- sponding to SEK 15 million. The EBITA increase was mainly driven by higher average fees and lower other operat- ing expenses, while higher personnel expenses and a lower billing ratio impacted negatively. The EBITA mar- gin increased to 4.7 per cent (2.7). Market The Norwegian market was stable during the quarter, albeit with varia- tions between the different segments. The demand for services within energy, environment and water was good, partly driven by the shift towards electrification. The demand for infrastructure services was stable. In the real estate market, the public buildings segment was stable, while the weakness in the residential and commercial segments continued. Organic growth amounted to 5 per cent and EBITA increased 77 per cent. Higher average fees had a positive impact, while higher personnel expenses impacted negatively. The market was overall stable, except for the residential and commer- cial buildings segments which remained weak. Net sales & EBITA margin, rolling 12 months Net sales, SEK M EBITA margin, % 0 500 1,000 2,000 2,500 1,500 4,000 3,000 0 2 4 6 8 16 14 12 10 3,500 Q2 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 In brief Net sales and profit Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Net sales, SEK M 733 717 2,587 2,572 Organic growth, % 5 3 4 2 Acquisition-related growth, % 1 0 0 0 Currency effects, % -3 -6 -4 -3 Total growth, % 2 -4 1 0 Organic growth adj. for calendar effects, % 5 1 4 2 EBITA, SEK M 35 20 215 200 EBITA margin, % 4.7 2.7 8.3 7.8 Number of full-time employees 2,139 2,073 2,124 2,065
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13Sweco AB (publ) Interim Report January–September 2025 Sweco Finland Sales and profit, July–September Net sales increased 4 per cent to SEK 781 million (754). Organic growth amounted to 5 per cent and was impacted positively by higher average fees, a higher billing ratio and fewer employees on temporary lay-offs. Acquired growth contributed 2 per cent and was attributable to the acquisition of Sipti Consulting. There was no year-on-year difference in the number of available working hours. EBITA increased 2 per cent, corre- sponding to SEK 1 million. The EBITA increase was driven by higher average fees and a higher billing ratio, while higher personnel expenses impacted negatively. The EBITA margin decreased to 9.1 per cent (9.2). Sweco Finland continues to utilise temporary lay-offs, albeit at a lower level. At the end of the quarter, around 76 FTEs (115) were affected. Market Overall, the Finnish market remained weak during the quarter, but with large differences between segments. The energy market and the market for infrastructure- related services were stable. The traditional industry seg- ment remained weak, while the demand related to the green transi- tion was good. The demand within public buildings was stable, whereas demand in residential and commer- cial buildings remained challenging. Organic growth amounted to 5 per cent. EBITA increased 2 per cent and was mainly driven by higher average fees and a higher billing ratio. The market remained weak, while demand within energy, infrastructure and segments related to the green tran- sition was good. Net sales & EBITA margin, rolling 12 months Net sales, SEK M EBITA margin, % 0 500 1,500 2,000 1,000 4,000 3,000 2,500 0 2 4 6 16 12 10 8 3,5001 4 Q2 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 In brief Net sales and profit Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Net sales, SEK M 781 754 2,620 2,658 Organic growth, % 5 -4 0 -1 Acquisition-related growth, % 2 0 2 0 Currency effects, % -3 -3 -3 -1 Total growth, % 4 -7 -1 -1 Organic growth adj. for calendar effects, % 5 -5 1 -1 EBITA, SEK M 71 70 232 253 EBITA margin, % 9.1 9.2 8.8 9.5 Number of full-time employees 2,848 2,842 2,875 2,886
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14Sweco AB (publ) Interim Report January–September 2025 Sweco Denmark Sales and profit, July–September Net sales decreased to SEK 782 mil- lion (785), impacted by currency effects of -3 per cent. Organic growth amounted to 2 per cent and was mainly driven by a higher number of employees and less absence. There was no year-on-year difference in the number of available working hours. EBITA increased 21 per cent, corre- sponding to SEK 23 million. The EBITA increase was mainly driven by lower other operating expenses and less absence, while higher personnel expenses impacted negatively. The EBITA margin increased to 17.3 per cent (14.3). Market The Danish market was overall stable in the quarter. The demand in industry services slowed down, mainly driven by the pharmaceutical industry scal- ing down investments. Demand was good within water and environment, whereas the infrastructure market was stable, supported by the govern- mental infrastructure plan. The energy segment remained somewhat slower. The commercial and public buildings segments were stable while weakness in the residential buildings segment continued. Organic growth amounted to 2 per cent while EBITA increased 21 per cent. The improved result was driven by lower costs and less absence. The market was overall stable, albeit with differences between segments. Net sales & EBITA margin, rolling 12 months Net sales, SEK M EBITA margin, % 0 500 2,000 3,500 3,000 0 3 9 21 18 15 1,000 12 2,500 1,500 6 Q2 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 In brief Net sales and profit Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Net sales, SEK M 782 785 2,492 2,561 Organic growth, % 2 14 0 15 Acquisition-related growth, % 0 13 0 14 Currency effects, % -3 -3 -3 -1 Total growth, % 0 24 -3 28 Organic growth adj. for calendar effects, % 2 12 1 14 EBITA, SEK M 136 112 381 351 EBITA margin, % 17.3 14.3 15.3 13.7 Number of full-time employees 1,893 1,864 1,903 1,896
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15Sweco AB (publ) Interim Report January–September 2025 Sweco Netherlands Sales and profit, July–September Net sales increased 14 per cent to SEK 876 million (767). Organic growth was 9 per cent and was mainly driven by higher average fees. Acquired growth contributed 8 per cent and was attributable to the recent acqui- sitions. There was no year-on-year difference in the number of available working hours. EBITA increased 19 per cent, corre- sponding to SEK 11 million. The EBITA increase was mainly driven by higher average fees, a higher billing ratio and contribution from acquisitions, while higher personnel expenses and higher other operating expenses impacted negatively. The EBITA mar- gin increased to 8.1 per cent (7.8). Market The Dutch market was overall stable, albeit with differences between seg- ments. The water and environment markets were good. The energy market was good due to increased demand from the energy transition. Demand in the infrastructure and buildings segments remained sub- dued caused by the so-called nitrogen issue, related to uncertainties around the impact from the EU regulation of nitrogen emissions in the Netherlands. Furthermore, the residential buildings segment remained weak. Organic growth was 9 per cent and acquisitions contributed 8 per cent to growth. EBITA increased 19 per cent. Both revenue and earnings were mainly driven by higher average fees. While the market was overall stable, differences remained between segments. Net sales & EBITA margin, rolling 12 months Net sales, SEK M EBITA margin, % 0 500 2,000 2,500 1,500 1,000 3,500 3,000 0 2 4 8 6 10 14 12 Q2 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 In brief Net sales and profit Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Net sales, SEK M 876 767 2,589 2,359 Organic growth, % 9 4 8 3 Acquisition-related growth, % 8 10 4 11 Currency effects, % -3 -3 -3 -1 Total growth, % 14 12 10 14 Organic growth adj. for calendar effects, % 9 3 9 3 EBITA, SEK M 71 60 222 196 EBITA margin, % 8.1 7.8 8.6 8.3 Number of full-time employees 1,967 1,815 1,889 1,790
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16Sweco AB (publ) Interim Report January–September 2025 Sweco Belgium Sales and profit, July–September Net sales increased 1 per cent to SEK 930 million (922). Organic growth amounted to 3 per cent and was mainly driven by a higher number of employees. There was no year-on-year difference in the number of available working hours. EBITA increased 14 per cent, corre- sponding to SEK 16 million. The EBITA increase was mainly driven by higher average fees and a higher billing ratio, while higher personnel expenses impacted negatively. The EBITA margin increased to 13.6 per cent (12.0). Market The Belgian market was overall stable during the quarter. The infrastructure market remained good as did demand within energy, driven by the ongoing energy transition. Demand for envi- ronmental services remained stable while demand in the industry segment was subdued, impacted by the slow- down in the pharmaceutical and chemical industry segments. Investments in health care and public buildings were stable, while the slow- down in investments in residential and office buildings continued. Organic growth amounted to 3 per cent and EBITA increased 14 per cent. The EBITA improvement was driven by higher average fees and a higher billing ratio. The market was stable overall with continued investments within infrastructure and the energy transition. Net sales & EBITA margin, rolling 12 months Net sales, SEK M EBITA margin, % 0 500 1,000 1,500 4,500 2,000 0 2 4 6 18 16 14 12 10 8 4,000 3,000 3,500 2,500 Q2 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 In brief Net sales and profit Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Net sales, SEK M 930 922 2,959 2,992 Organic growth, % 3 5 1 5 Acquisition-related growth, % 1 0 0 8 Currency effects, % -3 -3 -3 -1 Total growth, % 1 2 -1 12 Organic growth adj. for calendar effects, % 3 4 2 4 EBITA, SEK M 127 111 407 379 EBITA margin, % 13.6 12.0 13.8 12.7 Number of full-time employees 2,182 2,111 2,179 2,146
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17Sweco AB (publ) Interim Report January–September 2025 Sweco UK Sales and profit, July–September Net sales increased 5 per cent to SEK 404 million (383). Organic growth amounted to 11 per cent and was mainly driven by higher average fees and a higher billing ratio. Currency effects impacted growth with -5 per cent. There was no year-on-year dif- ference in the number of available working hours. EBITA increased 31 per cent, corre- sponding to SEK 7 million. The EBITA increase was mainly driven by higher average fees and a higher billing ratio, while higher personnel expenses impacted negatively. The EBITA margin increased to 7.2 per cent (5.8). Market The UK market was overall stable in the quarter. The demand for services in the energy market was good, sup- ported by the investment frameworks of the transmission operators and government funding to tackle energy security. Demand in transport infrastructure remained cautious, awaiting the vari- ous government-funded transport schemes coming to the market. The water and environment markets were stable. Within buildings, demand for services in data centres was good, while the weakness in the residential segment remained. The commercial buildings segment was good. Organic growth was 11 per cent and EBITA increased 31 per cent, both mainly driven by higher average fees and a higher billing ratio. The UK market was overall stable, albeit with differences between segments. Net sales & EBITA margin, rolling 12 months Net sales, SEK M EBITA margin, % 0 400 800 1,200 1,600 -8 -4 0 4 8 Q2 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 In brief Net sales and profit Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Net sales, SEK M 404 383 1,185 1,134 Organic growth, % 11 -3 7 -5 Acquisition-related growth, % 0 0 0 1 Currency effects, % -5 -1 -3 2 Total growth, % 5 -4 5 -2 Organic growth adj. for calendar effects, % 11 -4 8 -6 EBITA, SEK M 29 22 78 31 EBITA margin, % 7.2 5.8 6.6 2.7 Number of full-time employees 1,009 1,008 1,014 1,060
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18Sweco AB (publ) Interim Report January–September 2025 Sweco Germany & Central Europe Organic growth amounted to 13 per cent and EBITA increased 54 per cent, both impacted by positive project adjustments and higher average fees. The market was stable, with good demand in the energy, environment, water and infrastructure segments. Sales and profit, July–September Net sales increased 9 per cent to SEK 771 million (705). Organic growth amounted to 13 per cent and was mainly driven by positive project adjustments, higher average fees, a higher number of employees and a higher billing ratio. Acquired growth amounted to a negative 1 per cent and was impacted by the divestment of Sweco’s Czech operations. There was no year-on-year difference in the number of available working hours. EBITA increased 54 per cent, corre- sponding to SEK 39 million. The EBITA increase was mainly driven by posi- tive project adjustments, higher aver- age fees and a higher billing ratio. The EBITA margin increased to 14.6 per cent (10.3). Market Overall, the German market was stable in the quarter. The demand for services in the energy, environment and water markets was good, with energy transition and new regulation driving demand. The demand for infrastructure services was good. In the commercial real estate sector, and overall in the private sector, the weakness in demand continued, driven by market uncertainty and higher construction costs. The demand in the hospital building segment remained good. Net sales & EBITA margin, rolling 12 months Net sales, SEK M EBITA margin, % 0 500 1,000 2,000 1,500 3,000 0 2 4 6 8 12 102,500 Q2 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 In brief Net sales and profit Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Net sales, SEK M 771 705 2,190 2,053 Organic growth, % 13 14 9 13 Acquisition-related growth, % -1 0 0 0 Currency effects, % -3 -2 -3 0 Total growth, % 9 12 7 13 Organic growth adj. for calendar effects, % 13 12 9 13 EBITA, SEK M 112 73 226 169 EBITA margin, % 14.6 10.3 10.3 8.2 Number of full-time employees 2,368 2,362 2,393 2,345
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19Sweco AB (publ) Interim Report January–September 2025 Other information The interim report comprises pages 1–31; the interim financial information presented on pages 1–31 is therefore part of this financial report. Calendar effects Year 2025 The number of normal working hours in 2025, based on the 12-month sales-weighted business mix as of September 2024, is broken down as follows: 2025 2024 Quarter 1: 491 489 2 Quarter 2: 464 475 -11 Quarter 3: 516 516 0 Quarter 4: 485 484 1 Total: 1,956 1,964 -8 Year 2026 The number of normal working hours in 2026, based on the 12-month sales-weighted business mix as of September 2025, is broken down as follows: 2026 2025 Quarter 1: 486 491 -5 Quarter 2: 468 464 5 Quarter 3: 517 516 1 Quarter 4: 491 485 6 Total: 1,962 1,956 7 Acquisition-related amortisation Acquisition-related intangible assets and expensed costs for future services will be amortised pursuant to the follow- ing schedule, based on acquisitions to date: 2025 Estimate SEK -187 million 2026 Estimate SEK -194 million 2027 Estimate SEK -151 million 2028 Estimate SEK -128 million The Sweco share The Sweco share is listed on Nasdaq Stockholm. The share price of the Sweco Class B share was SEK 156.80 at the end of the period, representing a decrease of 4 per cent during the quarter. Nasdaq Stockholm OMXSPI increased 3 per cent over the same period. The total number of shares at the end of the period was 363,251,457: 31,015,198 Class A shares and 332,236,259 Class B shares. The total number of shares outstanding at the end of the period was 360,663,609: 31,015,198 Class A shares and 329,648,411 Class B shares. Stockholm, 29 October 2025 Åsa Bergman President and CEO, Member of the Board of Directors
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20Sweco AB (publ) Interim Report January–September 2025 Review report Sweco AB (publ), corporate identity number 556542-9841 Introduction We have reviewed the condensed interim report for Sweco AB as at 30 September 2025 and for the nine months period then ended. The Board of Directors and the President and CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the Inter- national Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not pre- pared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, 28 October 2025 Ernst & Young AB Jonas Svensson Authorized Public Accountant This is a translation from the Swedish original
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21Sweco AB (publ) Interim Report January–September 2025 KPIs The definitions of the Key Performance Indicators (KPIs) are available on Sweco’s website. More details regarding some of the KPIs can also be found under the Alternative performance measures section in this report. KPIs Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Oct 2024– Sep 2025 Full-year 2024 Profitability EBITA margin, % 9.8 8.7 10.2 9.6 10.4 10.0 Operating margin (EBIT), % 9.0 8.4 9.8 9.4 10.1 9.8 Net sales growth Organic growth, % 4 5 3 5 5 Acquisition-related growth, % 3 3 1 4 3 Currency effects, % -2 -2 -2 0 0 Total growth, % 5 6 2 9 8 Organic growth adj. for calendar effects, % 4 4 3 5 5 Employee data and other operational indicators Billing ratio, % 74.0 73.5 74.3 73.7 74.4 73.9 Number of full-time employees 21,218 20,465 21,107 20,770 21,077 20,823 Normal working hours 516 516 1,471 1,480 1,955 1,964 Debt Net debt, SEK M 3,124 3,533 1,521 Interest-bearing debt, SEK M 3,775 4,148 3,176 Financial strength Net debt/Equity, % 26.1 31.6 12.8 Net debt/EBITDA, x 0.9 1.1 0.4 Equity/Assets ratio, % 41.6 42.1 42.1 Available cash and cash equivalents, SEK M 3,711 3,239 5,294 – of which unutilised credit, SEK M 3,061 2,624 3,640 Return Return on equity, % 18.7 17.4 18.4 Return on capital employed, % 16.9 15.2 17.1 Share data Earnings per share, SEK 1.18 1.05 4.34 4.10 6.00 5.76 Diluted earnings per share, SEK 1.17 1.04 4.32 4.09 5.98 5.75 Equity per share, SEK1 33.18 31.11 33.12 Diluted equity per share, SEK1 33.13 31.07 32.97 Number of shares outstanding at reporting date2 360,663,609 359,777,877 359,777,877 Number of repurchased Class B shares2 2,587,848 3,473,580 3,473,580 1) Refers to portion attributable to Parent Company shareholders. 2) In accordance with the terms and conditions of the company’s incentive schemes, 885,732 (636,425) treasury shares were transferred during the period, without consideration, to Sweco employees.
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22Sweco AB (publ) Interim Report January–September 2025 Condensed consolidated income statement SEK M Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Oct 2024– Sep 2025 Full-year 2024 Net sales 7,138 6,779 23,038 22,576 31,139 30,676 Other income 9 5 33 23 42 32 Other external expenses -1,403 -1,411 -4,303 -4,403 -5,920 -6,019 Personnel expenses -4,684 -4,455 -15,363 -15,003 -20,591 -20,232 Amortisation/depreciation and impairment, tangible and intangible fixed assets1 -84 -76 -243 -228 -322 -308 Depreciation and impairment, right-of-use assets -249 -231 -732 -710 -989 -967 Acquisition-related items2 -84 -42 -175 -124 -220 -168 Operating profit (EBIT) 643 569 2,254 2,130 3,139 3,015 Net financial items3 -29 -42 -76 -139 -113 -175 Interest cost of leasing4 -28 -23 -86 -67 -117 -98 Other financial items5 1 0 2 4 3 5 Total net financial items -56 -65 -160 -202 -226 -268 Profit before tax 586 503 2,095 1,928 2,913 2,747 Income tax -162 -127 -531 -454 -753 -675 PROFIT FOR THE PERIOD 424 376 1,563 1,475 2,160 2,072 Attributable to: Parent Company shareholders 424 376 1,563 1,474 2,160 2,071 Non-controlling interests 0 0 0 0 0 0 Earnings per share attributable to Parent Company shareholders, SEK 1.18 1.05 4.34 4.10 6.00 5.76 Diluted earnings per share attributable to Parent Company shareholders, SEK 1.17 1.04 4.32 4.09 5.98 5.75 Average number of shares outstanding 360,663,609 359,777,877 360,285,739 359,495,021 360,158,774 359,565,735 Dividend per share, SEK 3.30 1) Includes tangible assets and intangible assets that are not acquisition-related. 2) Acquisition-related items consist of amortisation and impairment of goodwill and acquisition-related intangible assets, revaluation of purchase price, profit and losses on the divestment of companies, operations, buildings and land, as well as expensed costs for received future service. See page 30 for additional details. 3) Net financial items comprise interest expenses on credit facilities and costs related to credit facilities less interest income on cash and cash equivalents. 4) Interest cost of leasing comprises the interest cost of leasing pursuant to IFRS 16. 5) Other financial items: Result and distributions from participation in associated companies and other securities, result from sale of participations in associated companies and other securities, foreign exchange gains and losses on financial assets and liabilities, and other interest income and interest expenses. Condensed consolidated statement of comprehensive income SEK M Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Oct 2024– Sep 2025 Full-year 2024 Profit for the period 424 376 1,563 1,475 2,160 2,072 Items that will not be reversed in the income statement Revaluation of defined benefit pensions, net after tax1, 2 – – – – 1 1 Items that may subsequently be reversed in the income statement Translation differences, net after tax -110 -40 -410 102 -301 211 COMPREHENSIVE INCOME FOR THE PERIOD 314 337 1,153 1,577 1,860 2,283 Attributable to: Parent Company shareholders 314 336 1,153 1,576 1,860 2,283 Non-controlling interests 0 0 0 0 0 0 1) Tax on revaluation of defined benefit pensions – – – – 0 0 2) Revalued annually. Reviewed quarterly in the event of material changes to actuarial assumptions.
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23Sweco AB (publ) Interim Report January–September 2025 Condensed consolidated balance sheet SEK M 30 Sep 2025 30 Sep 2024 31 Dec 2024 Goodwill 10,979 10,738 10,835 Intangible assets 920 712 703 Property, plant and equipment 869 768 806 Right-of-use assets 3,220 3,165 3,528 Financial assets 212 250 229 Total non-current assets 16,201 15,633 16,101 Current assets excl. cash and cash equivalents 11,947 10,342 10,540 Cash and cash equivalents 651 615 1,654 Total current assets 12,597 10,956 12,194 TOTAL ASSETS 28,798 26,589 28,295 Equity attributable to Parent Company shareholders 11,966 11,194 11,918 Non-controlling interests 13 5 5 Total equity 11,979 11,199 11,923 Non-current lease liabilities 2,526 2,512 2,744 Non-current interest-bearing liabilities 2,105 2,620 2,004 Other non-current liabilities 1,031 943 957 Total non-current liabilities 5,662 6,074 5,706 Current lease liabilities 870 696 857 Current interest-bearing liabilities 1,669 1,528 1,171 Other current liabilities 8,618 7,091 8,639 Total current liabilities 11,157 9,316 10,666 TOTAL EQUITY AND LIABILITIES 28,798 26,589 28,295 Condensed consolidated cash flow statement SEK M Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Oct 2024– Sep 2025 Full-year 2024 Profit before tax 586 503 2,095 1,928 2,913 2,747 Adjustment for non-cash items Amortisation/depreciation and impairment 382 344 1,087 1,056 1,463 1,431 Other non-cash items 104 72 266 254 368 355 Total non-cash items 486 416 1,354 1,310 1,830 1,786 Interest cost leasing -28 -23 -86 -67 -117 -98 Net interest paid -22 -42 -53 -125 -83 -155 Tax paid -149 -149 -624 -495 -747 -617 Cash flow from operating activities before changes in working capital 872 706 2,685 2,552 3,797 3,663 Changes in working capital -441 -380 -1,332 -855 -79 398 Cash flow from operating activities 431 326 1,353 1,697 3,718 4,062 Acquisition and divestment of subsidiaries and operations -530 -78 -739 -165 -744 -170 Purchase and disposal of intangible and tangible assets -95 -109 -314 -271 -417 -374 Other investing activities -5 -1 -6 -4 -8 -5 Cash flow from investing activities -630 -188 -1,060 -440 -1,169 -549 Borrowings and repayment of borrowings 271 -48 500 34 -498 -964 Principal elements of lease payments -216 -225 -639 -706 -853 -921 Dividends paid – – -1,187 -1,059 -1,187 -1,059 Cash flow from financing activities 55 -273 -1,326 -1,732 -2,539 -2,944 CASH FLOW FOR THE PERIOD -143 -134 -1,033 -475 10 569 Cash and cash equivalents at the beginning of the period 782 752 1,654 1,103 615 1,103 Foreign exchange differences in cash and cash equivalents 12 -3 29 -14 25 -18 Cash and cash equivalents at the end of the period 651 615 651 615 651 1,654
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24Sweco AB (publ) Interim Report January–September 2025 Condensed consolidated statement of changes in equity SEK M Jan–Sep 2025 Jan–Sep 2024 Equity attributable to Parent Company shareholders Non- controlling interests Total equity Equity attributable to Parent Company shareholders Non- controlling interests Total equity Equity, opening balance 11,918 5 11,923 10,590 5 10,595 Comprehensive income for the period 1,153 0 1,153 1,576 0 1,577 Share bonus scheme 76 – 76 82 – 82 Share savings schemes 6 – 6 5 – 5 Change in non-controlling interest – 7 7 – – – Dividend -1,187 – -1,187 -1,059 – -1,059 EQUITY, CLOSING BALANCE 11,966 13 11,979 11,194 5 11,199 Accounting policies Sweco complies with the IFRS Accounting standards, as adopted by the EU. This report was prepared in accordance with IAS 34, Interim Reporting; the Swedish Annual Accounts Act; and the Swedish Corporate Reporting Board RFR 2, Reporting for Legal Entities. The Group applies the same accounting and valuation policies as those described in Note 1 in the Annual Report for 2024. In this report, amounts in brackets refer to the corresponding period of the previous year. Because table items are individ- ually rounded off, table figures do not always tally. Risks and uncertainties Significant risks and uncertainties affecting the Sweco Group and the Parent Company include business risks associated with the general economic trend and investment level in various markets, the capacity to attract and retain skilled person- nel, the effects of political decisions as well as risks and uncertainties related to geopolitical instability, including the global tariff situation, and IT disruptions. The Group is also exposed to various types of financial risk, such as foreign currency, interest rate and credit risk. The risks to which Sweco is exposed are detailed in Sweco’s 2024 Annual Report (pages 54–58, Risks and Risk Management).
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25Sweco AB (publ) Interim Report January–September 2025 Segment reporting July–September External sales, SEK M Internal sales, SEK M Total net sales, SEK M Business Area 2025 2024 2025 2024 2025 2024 Sweco Sweden 1,940 1,814 23 14 1,963 1,828 Sweco Norway 724 712 9 5 733 717 Sweco Finland 756 736 25 18 781 754 Sweco Denmark 777 782 5 3 782 785 Sweco Netherlands 866 753 10 14 876 767 Sweco Belgium 922 921 8 1 930 922 Sweco UK 403 381 1 2 404 383 Sweco Germany & Central Europe 741 675 30 30 771 705 Group-wide, Eliminations, etc.1 8 5 -110 -87 -103 -82 TOTAL GROUP 7,138 6,779 – – 7,138 6,779 July–September EBITA, SEK M3 EBITA margin, %3 Number of full-time employees Business Area2 2025 2024 2025 2024 2025 2024 Sweco Sweden 132 137 6.7 7.5 6,726 6,299 Sweco Norway 35 20 4.7 2.7 2,139 2,073 Sweco Finland 71 70 9.1 9.2 2,848 2,842 Sweco Denmark 136 112 17.3 14.3 1,893 1,864 Sweco Netherlands 71 60 8.1 7.8 1,967 1,815 Sweco Belgium 127 111 13.6 12.0 2,182 2,111 Sweco UK 29 22 7.2 5.8 1,009 1,008 Sweco Germany & Central Europe 112 73 14.6 10.3 2,368 2,362 Group-wide, Eliminations, etc.1 -11 -16 – – 85 89 TOTAL GROUP 702 588 9.8 8.7 21,218 20,465 January–September External sales, SEK M Internal sales, SEK M Total net sales, SEK M Business Area 2025 2024 2025 2024 2025 2024 Sweco Sweden 6,648 6,468 52 52 6,700 6,519 Sweco Norway 2,562 2,554 25 18 2,587 2,572 Sweco Finland 2,553 2,604 67 53 2,620 2,658 Sweco Denmark 2,479 2,549 13 12 2,492 2,561 Sweco Netherlands 2,555 2,310 34 48 2,589 2,359 Sweco Belgium 2,939 2,984 20 8 2,959 2,992 Sweco UK 1,181 1,125 5 9 1,185 1,134 Sweco Germany & Central Europe 2,101 1,966 89 87 2,190 2,053 Group-wide, Eliminations, etc.1 21 16 -305 -286 -284 -270 TOTAL GROUP 23,038 22,576 – – 23,038 22,576 January–September EBITA, SEK M3 EBITA margin, %3 Number of full-time employees Business Area2 2025 2024 2025 2024 2025 2024 Sweco Sweden 664 685 9.9 10.5 6,641 6,492 Sweco Norway 215 200 8.3 7.8 2,124 2,065 Sweco Finland 232 253 8.8 9.5 2,875 2,886 Sweco Denmark 381 351 15.3 13.7 1,903 1,896 Sweco Netherlands 222 196 8.6 8.3 1,889 1,790 Sweco Belgium 407 379 13.8 12.7 2,179 2,146 Sweco UK 78 31 6.6 2.7 1,014 1,060 Sweco Germany & Central Europe 226 169 10.3 8.2 2,393 2,345 Group-wide, Eliminations, etc.1 -73 -89 – – 88 89 TOTAL GROUP 2,352 2,175 10.2 9.6 21,107 20,770 1) Group-wide, Eliminations, etc. includes Group functions, the Dutch real estate operations and Twinfinity AB. 2) Sweco is not applying IFRS 16 at the business area level. 3) EBITA is an Alternative performance measure (APM). See definition under Alternative performance measures section.
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26Sweco AB (publ) Interim Report January–September 2025 Reconciliation of EBITA and the Group’s profit before tax SEK M Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Oct 2024– Sep 2025 Full-year 2024 EBITA 702 588 2,352 2,175 3,253 3,076 Acquisition-related items1 -84 -42 -175 -124 -220 -168 Lease expenses2 274 254 810 789 1,094 1,073 Depreciation and impairments, right-of-use assets -249 -231 -732 -710 -989 -967 EBIT 643 569 2,254 2,130 3,139 3,015 Total net financial items -56 -65 -160 -202 -226 -268 Profit before tax 586 503 2,095 1,928 2,913 2,747 1) Acquisition-related items are defined as amortisation and impairment of goodwill and acquisition-related intangible assets, revaluation of purchase prices, and profit and loss on the divestment of companies, operations, buildings and land, as well as expensed cost for future service. 2) Lease expenses pertain to adjustments made in order to treat all leases as operating leases. Quarterly review per business area 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 Net sales, SEK M Sweco Sweden 1,963 2,390 2,346 2,410 1,828 2,396 2,295 2,359 1,691 Sweco Norway 733 885 970 943 717 950 905 903 745 Sweco Finland 781 915 923 946 754 971 933 960 808 Sweco Denmark 782 826 884 888 785 939 836 825 636 Sweco Netherlands 876 842 870 879 767 816 775 726 686 Sweco Belgium 930 969 1,060 1,004 922 1,032 1,038 997 900 Sweco UK 404 392 389 385 383 383 368 321 398 Sweco Germany & Central Europe 771 717 702 760 705 695 653 727 631 Group-wide, Eliminations, etc.1 -103 -103 -79 -115 -82 -104 -84 -102 -78 TOTAL NET SALES 7,138 7,834 8,066 8,100 6,779 8,077 7,720 7,717 6,417 EBITA, SEK M2 Sweco Sweden 132 266 265 298 137 260 288 315 106 Sweco Norway 35 60 120 71 20 109 71 48 20 Sweco Finland 71 77 83 117 70 91 92 48 45 Sweco Denmark 136 104 141 105 112 123 116 90 93 Sweco Netherlands 71 58 93 100 60 68 69 75 61 Sweco Belgium 127 128 152 121 111 133 135 111 97 Sweco UK 29 23 26 23 22 1 7 -73 -6 Sweco Germany & Central Europe 112 63 51 100 73 44 52 71 54 Group-wide, Eliminations, etc.1 -11 -31 -32 -34 -16 -35 -38 -31 -6 EBITA 702 750 900 901 588 794 793 654 465 EBITA margin, %2 Sweco Sweden 6.7 11.1 11.3 12.4 7.5 10.8 12.6 13.4 6.3 Sweco Norway 4.7 6.8 12.4 7.5 2.7 11.5 7.9 5.3 2.7 Sweco Finland 9.1 8.4 9.0 12.3 9.2 9.4 9.9 5.0 5.5 Sweco Denmark 17.3 12.6 16.0 11.8 14.3 13.1 13.8 10.9 14.7 Sweco Netherlands 8.1 6.9 10.7 11.4 7.8 8.3 8.9 10.3 9.0 Sweco Belgium 13.6 13.2 14.4 12.1 12.0 12.9 13.0 11.1 10.8 Sweco UK 7.2 6.0 6.6 6.1 5.8 0.3 2.0 -22.6 -1.6 Sweco Germany & Central Europe 14.6 8.8 7.3 13.1 10.3 6.4 7.9 9.8 8.5 EBITA margin 9.8 9.6 11.2 11.1 8.7 9.8 10.3 8.5 7.2 Billing ratio, % 74.0 75.2 73.6 74.6 73.5 74.8 72.7 73.3 72.5 Number of normal working hours 516 464 491 484 516 475 489 487 508 Number of full-time employees 21,218 21,074 21,022 20,985 20,465 20,926 20,939 20,874 20,062 1) Group-wide, Eliminations, etc. includes Group functions, the Dutch real estate operations and Twinfinity AB. 2) EBITA is an Alternative performance measure (APM). See definition under Alternative performance measures section.
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27Sweco AB (publ) Interim Report January–September 2025 Acquisitions The following acquisitions of companies and operations were completed during the period. Company Included from Business area Acquired share, % Annual net sales in SEK M1 Number of employees (individuals) Sipti Consulting January Finland 100 71 50 SDH Engineers, asset deal March Finland 5 4 Juust B.V. May Netherlands 100 47 33 Brain of buildings B.V. June Netherlands 100 50 31 +Impakt Luxembourg July Belgium 100 9 5 PROgroup July Belgium 100 51 34 Volantis Group July Netherlands 100 219 132 Projektengagemang Group July Sweden 97.9 770 634 Design operations of OBOS, asset deal August Norway 26 18 TOTAL 1,246 941 1) Estimated annual net sales. During the period, the acquired companies and operations contributed SEK 298 million in net sales, SEK -5 million in EBITA and SEK -25 million in operating profit (EBIT). If the companies and operations had been owned as of 1 January 2025, they would have contributed approximately SEK 907 million in net sales, about SEK -24 million in EBITA and about SEK -87 million in operating profit (EBIT). Transaction costs during this period and previous periods pertaining to this year’s acquisitions totalled SEK 26 million. The purchase consideration, for the acquisitions and some adjustments of previous years’ acquisitions, totalled SEK 831 million and had a negative impact on cash and cash equivalents of SEK 719 million. The acquisition analyses during the period are preliminary. This year’s acquisitions and some adjustments of previous years’ acquisitions impacted the con- solidated balance sheet as detailed in the table below. Acquisitions, SEK M Goodwill 532 Intangible assets 356 Property, plant and equipment 17 Right-of-use assets 76 Financial assets 8 Current assets 411 Non-current lease liabilities -53 Non-current interest-bearing liabilities -103 Other non-current liabilities -1 Current lease liabilities -43 Current interest-bearing liabilities -48 Deferred tax -88 Other current liabilities -226 Minority -8 Total purchase consideration 831 Purchase price outstanding -27 Payment of deferred purchase price 9 Cash and cash equivalents in acquired companies -94 DECREASE IN GROUP CASH AND CASH EQUIVALENTS 719
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28Sweco AB (publ) Interim Report January–September 2025 Divestments In June, Sweco divested Sweco Vastgoedmanagement B.V. in the Netherlands with 40 employees and annual net sales of SEK 58 million. In September, Sweco divested Sweco a.s. in the Czech Rebublic with 152 employees and annual net sales of SEK 130 million. The divested companies contributed SEK 111 million in net sales and SEK -3 million in operating profit during the period. The divestments, including minor adjustments related to previous years’ divestments, had a negative impact on profit of SEK 77 million, excluding reclassification of realised negative translation differences of SEK 30 million and on the Group’s cash and cash equivalents of SEK 20 million. The divestments, including minor adjustments related to previous years’ divestments, impacted the consolidated balance sheet as detailed in the table below. Divestments, SEK M Goodwill 39 Intangible assets 1 Property, plant and equipment 6 Right-of-use-assets 2 Financial assets 2 Deferred tax 2 Current assets 168 Non-current lease liabilities 0 Other non-current liabilities -1 Current lease liabilities -2 Current interest-bearing liabilities -21 Other current liabilities -82 Capital gain/loss recognised on divestiture1 -77 Total purchase consideration 37 Purchase price outstanding 4 Cash and cash equivalents in divested companies -62 DECREASE IN GROUP CASH AND CASH EQUIVALENTS -20 1) Excluding reversal of realised translation differences in divested companies to profit for the period. Fair value of financial instruments The Group’s financial instruments consist of shares, trade receivables, other receivables, cash and cash equivalents, trade payables, forward exchange contracts, interest bearing liabilities, other liabilities and contingent considerations. Descriptions of each category and valuation techniques for the different levels are shown below and in the 2024 Annual Report, Note 33 Financial instrument per category. No transfers between any of the levels took place during the period. Forward exchange contracts are measured at fair value based on Level 2 inputs. As per 30 September 2025, forward con- tracts with a positive market value amounted to SEK 0 million compared with SEK 0 million as per 31 December 2024 and forward contracts with a negative market value amounted to SEK 0 million compared with SEK 1 million as per 31 Decem- ber 2024. Unlisted financial assets and contingent considerations are measured at fair value based on Level 3 inputs. The reconcili- ation between the opening and closing balances are presented in the table below. SEK M Financial investments Opening carrying amount at January 2025 10 Cost of acquisition 0 Disposal of financial investments 0 Foreign currency translation differences 0 CLOSING CARRYING AMOUNT AT 30 SEPTEMBER 2025 10 Other financial assets and liabilities are measured at accrued amortised cost. Accrued amortised cost is considered a good approximation of fair value since the fixed interest period for all loans is less than one year. Contingent liabilities The Group’s contingent liabilites, mainly corporate guarantees and performance guarantees, amounted to SEK 1,446 million (1,245).
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29Sweco AB (publ) Interim Report January–September 2025 Condensed Parent Company income statement SEK M Jan–Sep 2025 Jan–Sep 2024 Full-year 2024 Net sales 970 926 1,245 Operating expenses -1,039 -1,000 -1,345 Operating loss -69 -74 -100 Net financial items 261 176 1,055 Profit/loss after net financial items 191 103 954 Appropriations – – -32 Profit/loss before tax 191 103 922 Tax – – -129 PROFIT/LOSS AFTER TAX1 191 103 793 1) Comprehensive income for the period corresponds to Profit/loss after tax. Condensed Parent Company balance sheet SEK M 30 Sep 2025 30 Sep 2024 31 Dec 2024 Total intangible assets 5 7 6 Total property, pland and equipment 102 97 93 Total financial assets 8,879 6,535 6,890 Total current assets 1,221 2,697 4,753 TOTAL ASSETS 10,206 9,336 11,742 Restricted equity 314 316 314 Non-restricted equity 2,974 3,178 3,887 Total equity 3,288 3,493 4,201 Untaxed reserves 927 895 927 Total non-current liabilities 2,017 998 1,843 Total current liabilities 3,975 3,949 4,771 Total liabilities 5,992 4,948 6,614 TOTAL EQUITY AND LIABILITIES 10,206 9,336 11,742
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30Sweco AB (publ) Interim Report January–September 2025 Alternative performance measures (APMs) Sweco follows the guidelines from European Securities and Markets Authority (ESMA) regarding Alternative Performance Measures (APMs). In brief, these are measures of historical or ongoing operating results and financial performance that are not specified or defined in the IFRS Accounting standards. The presentation of non-IFRS financial measures is limited as an analytical tool and should not be used as a substitute for key performance indicators pursuant to IFRS Accounting standards. Sweco believes that the APMs will enhance investors’ evaluation of our ongoing operating results, aid in fore- casting future periods and facilitate meaningful comparison of results between periods. The non-IFRS financial measures presented in this report may differ from similarly titled measures used by other companies. A complete list of all Sweco’s definitions can be found on our website: https://www.swecogroup.com/investor-relations/financial-information/definitions. Sweco’s main key financial metrics are EBITA and Net debt/EBITDA. EBITA and EBITDA EBITA is the Group’s key metric for operational performance at Group and Business Area level. Sweco’s EBITA measure is defined as Earnings Before Interest, Taxes and Acquisition- related items. Sweco’s EBITDA measure is defined as Earnings Before Interest, Taxes, Depreciation & Amortisation and Acquisition- related items. All leases are treated as operating leases and the total cost of the lease affects EBITA and EBITDA. Operating lease treatment follows IAS 17 (the standard for leases applicable through 31 December 2018). Reconciliation of EBIT and the APMs EBITA and EBITDA SEK M Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Oct 2024– Sep 2025 Full-year 2024 Operating profit (EBIT) 643 569 2,254 2,130 3,139 3,015 Acquisition-related items 84 42 175 124 220 168 Lease expenses -274 -254 -810 -789 -1,094 -1,073 Depreciation and impairments, right-of-use assets 249 231 732 710 989 967 EBITA 702 588 2,352 2,175 3,253 3,076 Amortisation/depreciation and impairment, tangible and intangible fixed assets1 84 76 243 228 322 308 EBITDA 786 664 2,595 2,403 3,576 3,384 1) Includes tangible assets and intangible assets that are not acquisition-related. Acquisition-related items SEK M Jul–Sep 2025 Jul–Sep 2024 Jan–Sep 2025 Jan–Sep 2024 Oct 2024– Sep 2025 Full-year 2024 Amortisation of acquisition-related intangible assets -48 -37 -112 -117 -152 -157 Revaluation of purchase price – 1 – 1 1 2 Profit/loss on divestment of companies and operations -30 0 -47 10 -47 11 Profit/loss on real estate – – 1 – 1 0 Cost for received future service -5 -6 -17 -18 -23 -25 ACQUISITION-RELATED ITEMS -84 -42 -175 -124 -220 -168 Net debt Net debt/EBITDA is Sweco’s key metric for financial strength. The definition remains essentially in line with the covenants defined in Sweco’s bank financing agreements. Net debt is defined as financial debt (comprised almost exclusively of interest-bearing bank debt) less cash and cash equivalents and short-term investments. Lease liabilities are excluded from Net debt. As with the calculation of EBITA, when calculating EBITDA all leases are assumed to comprise operating leases pursuant to IAS 17. SEK M 30 Sep 2025 30 Sep 2024 31 Dec 2024 Non-current interest-bearing liabilities 2,105 2,620 2,004 Current interest-bearing liabilities 1,669 1,528 1,171 Cash and cash equivalents -651 -615 -1,654 NET DEBT 3,124 3,533 1,521
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31Sweco AB (publ) Interim Report January–September 2025 Net sales growth The table below shows the calculation of organic growth excluding calendar effects – i.e., net sales growth adjusted for the impact of acquisitions and divestments as well as the effect of foreign currency fluctuations and calendar effects. July–September SEK M 2025 SEK M 2024 % 2025 % 2024 Total growth 359 362 5 6 (-) Currency effects -156 -151 -2 -2 (-) Acquisition-related growth 211 161 3 3 Organic growth 304 351 4 5 (-) Calendar effects 0 101 0 2 Organic growth adj. for calendar effects 304 250 4 4 January–September SEK M 2025 SEK M 2024 % 2025 % 2024 Total growth 463 1,770 2 9 (-) Currency effects -473 -100 -2 0 (-) Acquisition-related growth 303 808 1 4 Organic growth 633 1,062 3 5 (-) Calendar effects -133 69 -1 0 Organic growth adj. for calendar effects 765 994 3 5 Forthcoming financial information Year-end report 2025 11 February 2026 Interim report January–March 28 April 2026 Interim report January–June 17 July 2026 Interim report January–September 29 October 2026 For further information, please contact: Jan Allde, CFO jan.allde@sweco.se Marcela Sylvander, CCO Phone +46 79 341 14 08 marcela.sylvander@sweco.se SWECO AB (publ) Org. nr. 556542-9841 Gjörwellsgatan 22, Box 34044, 100 26 Stockholm Phone: +46 8 695 60 00 Email: ir@sweco.se www.swecogroup.com